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Message: Kinross Gold profit jumps 64 pct on output, price

Kinross Gold profit jumps 64 pct on output, price

posted on Nov 05, 2008 11:56AM

* EPS 10 cents vs 7 cents * Gold production rises to 551,510 ounces (In U.S. dollars, unless noted)

TORONTO, Nov 5 (Reuters) - Kinross Gold (K.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday its third-quarter profit jumped 64 percent on stronger gold production and higher prices.

The Canadian company, which recently took over Aurelian Resources to gain control of its Fruta del Norte gold deposit in Ecuador, earned $64.7 million, or 10 cents a share, in the quarter ended Sept 30.

That was up from $39.4 million, or 7 cents a share, in the year-before period.

Gold equivalent production rose 47 percent to 551,550 ounces, while costs rose to $406 an ounce in the quarter from a year-before $383.

The realized gold prices in the quarter was $857 an ounce, up from $686.

Kinross said it was on track for 2008 production of 1.8 million to 1.9 million ounces, at cash costs in a range of $425 to $445 per ounce. (Reporting by Cameron French; editing by Rob Wilson)



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